PITTSBURGH -- The Pittsburgh Penguins made a move to retain a key piece of their Stanley Cup-winning team on Monday, agreeing to terms with winger Bill Guerin.

The 38-year-old forward, who would have become an unrestricted free agent Wednesday, signed for $2 million, accepting a big pay cut to stay with a championship team after making $4.5 million last season with the Islanders and Penguins.

"There's a lot of good teams I could have played for but this obviously was the best fit," Guerin told ESPN.com's Pierre LeBrun late Monday.

Guerin, who will turn 39 in November, said he has not contemplated retirement.

"Maybe I should," Guerin said with a laugh, "but it really never crossed my mind. I knew I wanted to come back. My family and I have really enjoyed this."

Pittsburgh also signed Craig Adams, a fourth-line forward, to a $1.1 million, two-year contract. Adams made $600,000 last season. He will make $550,000 during each season of his new deal.

A 17-year NHL veteran, Guerin had seven goals and 15 points in the postseason after being acquired from the Islanders at the trading deadline in March, with all of his goals coming in the first three rounds. He has 408 goals and 811 points in 1,185 regular-season games with New Jersey, where he also won a Stanley Cup, Edmonton, Boston, Dallas, St. Louis and San Jose before joining the Islanders and then the Penguins.

"We are excited to agree to terms with Billy on this one-year deal," Penguins general manager Ray Shero said. "He made a tremendous impact on this team with his scoring ability, physical play and outstanding leadership and was a key factor in our drive to the Cup.

"I know our players, coaches and fans will be happy to have him back in Pittsburgh."

Guerin, obtained from the Islanders for a third-round draft pick, scored five goals and had seven assists in 17 regular-season games with the Penguins.

On being to continue playing alongside superstar center Sidney Crosby, Guerin told LeBrun, "I'd be lying if I didn't say that was one of the big reasons I wanted to stay. It's so much fun to play with him."

Adams had three goals and two assists in 24 playoff games for the Stanley Cup champs. He had two goals and four assists in 36 games with Chicago and one assist in nine regular-season games after being claimed off waivers by Pittsburgh on March 4.

The Stanley Cup Champion Pittsburgh Penguins have agreed to terms with right wing Bill Guerin on a one-year contract, it was announced tonight by Executive Vice President and General Manager Ray Shero.

Guerin, 38, was scheduled to become an unrestricted free agent on July 1.

A veteran of 17 NHL seasons, Guerin played a major role in the Penguins’ Stanley Cup run, contributing seven goals and 15 points in 24 playoff games and providing exceptional leadership on and off the ice.

The 6-2, 220-pound native of Worcester, MA was acquired from the New York Islanders at the March 4 trading deadline in exchange for a third-round draft pick and immediately was installed as the right wing on Sidney Crosby’s line. He recorded five goals and 12 points in 17 regular season games with the Penguins.

Overall in 2008-09, Guerin had 21 goals and 48 points in 78 regular-season games with the Penguins and Islanders.

“We are excited to agree to terms with Billy on this one-year deal,” Shero said. “He made a tremendous impact on this team with his scoring ability, physical play and outstanding leadership and was a key factor in our drive to the Cup. I know our players, coaches and fans will be happy to have him back in Pittsburgh.”

Guerin has played 1,185 career NHL games with New Jersey, Edmonton, Boston, Dallas, St. Louis, San Jose, the Islanders and the Penguins, recording 408 goals, 403 assists, 811 points and 1,585 penalty minutes. He represented the U.S. in the Olympics in 1998, 2002 and 2006.

Guerin Back in the 'Burgh Next Season
Sam Kasan
Jun 29, 2009, 9:03 PM EDT

Two weeks ago at the Pittsburgh Penguins Stanley Cup championship parade, veteran forward Bill Guerin gave a quick speech to the 375,000-plus fans from the stage. The fans greeted the free agent to be with a chant of, "One More Year!"

Guerin got the message and made it official on Monday, signing a one-year contract with the Penguins.

"It was important to stay," Guerin said. "From the day that I got to Pittsburgh after the trade deadline, I felt good there. I felt it was a good spot for me. My family was comfortable there. We're thrilled about it. We had a great experience in the city and we were really hoping this would work out the way it did."

Guerin was scheduled to become an unrestricted free agent on July 1 but opted to remain with the Penguins. With the contract out of the way, Guerin and his family plan on making Pittsburgh their home next season and will start looking for their new home.

"Getting it done before agency is huge," Guerin said. "It's just a couple of days but it gives us time to get a head start on preparations, family-wise. Now we can get situated."

"It doesn't always happen like this," Guerin said. "It was awesome dealing with Ray. He made everything really easy and smooth. He was up front and honest and made it a great situation."

"We're happy to have him back," Shero said. "His family wants to be back in Pittsburgh and they're going to move and make Pittsburgh their home for the next year and maybe more. We'll see."

Guerin was acquired at the NHL trade deadline and the 17-year NHL veteran made an immediate impact on the team. He was a calming presence in the locker room and a strong leader for the young team during their Stanley Cup championship run.

"Bill Guerin was a really good addition for us," Shero said. "He provided us with great leadership both on and off the ice. We're really happy to have him back and we're really happy he wanted to be back with this group that he won with."

After joining the team, Guerin tallied 12 points on five goals and seven assists while forming a strong bond with linemate center Sidney Crosby. Guerin was even better in the playoffs, posting 15 points on seven goals and eight assists en route to hoisting the Stanley Cup for the second time in his career.

"I've had time to reflect and I still don't really believe it," he said. "I see pictures and try to grasp everything that's happened. It was such a great time. Hopefully we all have a good summer, get rested and ready to make another run at it."

Despite the shortened offseason, Guerin's focus for the upcoming season is to help the team defend its championship title, but knows that it will be a difficult task.

"It is a short offseason but it's well worth it," he said. "The preparation will be different with everybody gunning for you. The physical part is easy. Its the mental aspect of preparing to be defending champs. It's most important to remember that it doesn't come easy."

The Stanley Cup Champion Pittsburgh Penguins have signed forward Craig Adams to a two-year contract, it was announced today by Executive Vice President and General Manager Ray Shero. Financial terms were not disclosed.

Adams, 32, was scheduled to become an unrestricted free agent on July 1.

The gritty Adams played a key support role in the Penguins’ drive to the Stanley Cup, chipping in three goals and two assists for five points in 24 playoff games. After being claimed on waivers from the Chicago Blackhawks on March 4, he played nine regular-season games for the Penguins and recorded one assist.

In 507 NHL games over eight seasons with Carolina, Chicago and Pittsburgh, Adams has registered 37 goals and 53 assists for 90 points with 383 penalty minutes. He also won a Stanley Cup with Carolina in 2006.

“Craig is a steady, reliable, physical player who was an important part of our mix this season,” Shero said. “He plays with a lot of grit, but he also contributed some key goals in the playoffs and was very effective as a penalty-killer. We’re glad to be able to sign him for two more years.”

A native of Seria, Brunei who grew up in Calgary, Adams played four seasons of college hockey at Harvard. He was the final draft pick of the Hartford Whalers’ franchise, going 233rd overall in 1996.

The 2009 Stanley Cup champion Pittsburgh Penguins made their first splash regarding free agency. With the July 1 deadline for unrestricted free agency just two days away, Pittsburgh wasted no time in locking up forward Craig Adams with a two-year contract.

"From the first day I wanted to come back to Pittsburgh if they wanted me," Adams said. "Luckily they wanted me and we were able get something done. I think both sides are happy with the outcome."

Adams was a valuable member of the team's title run. He was a key contributer on the team's penalty killing units, ranking second among forwards with 2:27 shorthanded minutes per game. The responsible Adams also saw extensive action late in games in a defensive role.

“Craig is a steady, reliable, physical player who was an important part of our mix this season,” Shero said. “He plays with a lot of grit, but he also contributed some key goals in the playoffs and was very effective as a penalty-killer. We’re glad to be able to sign him for two more years.”

Adams, who joined Pittsburgh at the NHL trade deadline, chipped in three goals and two assists for five points in 24 playoff games, including a goal in Game 7 of the semifinals at Washington, to win his second career Stanley Cup championship. The Harvard graduate also won an NHL title in 2005-06 as a member of the Carolina Hurricanes.

"It's just as special as first time around," Adams said. "Every team is different, every year is different. This was definitely different coming (to Pittsburgh) at the trade deadline and trying to fit in and find a role. But it was still special."

The Penguins Cup run was even more special for Adams because he went through the experience with his young son Rhys, who was a constant presence in the Penguins locker room during the playoffs.

"It was unbelievable with my son to go through it with me," Adams said. "I'm looking forward to celebrating the Cup with (my family)."

It's been an eventful few months for Adams. First, he was claimed off of waivers from the Chicago Blackhawks at the NHL trade deadline on March 4. On May 5 his wife, Anne, gave birth to their second child and first daughter, Francesca Alice. Then on June 12 he lifted the Stanley Cup for the second time in his career. Now he's secured his future in Pittsburgh by signing his new contract.

"I've learned over the years that things change pretty fast in this game," he said. "I had a rough go (in Chicago) and feel like I won the lottery when the Penguins picked me up at the deadline. The success the team had and myself personally, I was able to get a two-year deal out of it."

Now, with Adams back in the fold for the Penguins, the gritty winger is looking forward to helping the team defend its Stanley Cup title.

"There are no guarantees in life but part of my coming back is because we have such a good team," Adams said. "We have a lot of pieces in place and should be competitive for a long time."